Gulf International Bank UK Ltd Sells 2,552 Shares of SBA Communications Corporation $SBAC

Key Points

• Gulf International Bank UK Ltd has reduced its holdings in SBA Communications Corporation by 30.1%, owning 5,923 shares worth $1.3 million after selling 2,552 shares in Q1.
• Several large investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have increased their stakes in SBA Communications during the same period.
• SBA Communications reported $3.17 EPS for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $1.11 to be paid on September 18th.

Gulf International Bank UK Ltd reduced its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 30.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,923 shares of the technology company's stock after selling 2,552 shares during the quarter. Gulf International Bank UK Ltd's holdings in SBA Communications were worth $1,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. National Pension Service grew its holdings in shares of SBA Communications by 14.3% during the first quarter. National Pension Service now owns 179,840 shares of the technology company's stock worth $39,567,000 after buying an additional 22,462 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of SBA Communications by 10.4% during the first quarter. Russell Investments Group Ltd. now owns 394,304 shares of the technology company's stock worth $86,327,000 after buying an additional 37,280 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of SBA Communications by 1.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 18,025 shares of the technology company's stock worth $3,949,000 after buying an additional 184 shares in the last quarter. Callan Family Office LLC grew its stake in SBA Communications by 519.6% in the first quarter. Callan Family Office LLC now owns 8,117 shares of the technology company's stock valued at $1,786,000 after purchasing an additional 6,807 shares in the last quarter. Finally, Stone House Investment Management LLC bought a new position in SBA Communications in the first quarter valued at approximately $33,000. 97.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on SBAC. Raymond James Financial set a $265.00 price target on SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. Morgan Stanley lifted their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Bank of America assumed coverage on SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Finally, Citigroup reiterated an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $258.25.

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $5.11 during trading on Tuesday, reaching $220.26. 743,141 shares of the company's stock were exchanged, compared to its average volume of 861,747. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The company has a market cap of $23.65 billion, a P/E ratio of 27.99, a PEG ratio of 2.02 and a beta of 0.77. The firm's 50-day moving average price is $229.24 and its 200 day moving average price is $224.40.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The business had revenue of $698.98 million for the quarter, compared to analyst estimates of $670.73 million. During the same quarter in the previous year, the company posted $3.29 EPS. SBA Communications's quarterly revenue was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be issued a $1.11 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $4.44 annualized dividend and a dividend yield of 2.0%. SBA Communications's dividend payout ratio is currently 56.42%.

SBA Communications Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.